UPDATE: M Partners Reiterates Buy Rating, Raises PT on InterDigital on Strong Q4'12 Earnings
In a report published Wednesday, M Partners reiterated its Buy rating on InterDigital (NASDAQ: IDCC), and raised its price target from $51.00 to $53.00.
M Partners noted, “A conference call was held on Thursday February 21st, and the company filed its 10-K report yesterday. After record Q3'12 earnings, driven by the windfall from the sale of patents for approximately $375M, we anticipate a very weak earnings quarter for Q4'12. The company beat our expectation by recognizing past infringement revenue associated with a new licensee.”
InterDigital closed on Tuesday at $44.81.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.